Circuit City bites the dust

The second-biggest consumer electronics chain in the United States is going off life support and shutting down, the Associated Press reports. Circuit City hasn't been able to find a buyer since it filed for Chapter 11 bankruptcy protection in November, so it plans to close its 567 stores across the country—and the 30,000 jobs that go with them.

Circuit City acting CEO James A. Marcum commented on the move, "This is the only possible path for our company. . . . We are extremely disappointed by this outcome." Indeed, the AP says the store chain found two buyers interested in purchasing it "in a shrunken form" with fewer stores, but it failed to get financing and support from vendors.

The fate of the Canadian branch remains up in the air. The AP says Circuit City has 765 stores in Canada, and according to company lawyer Gregg Galardi, "there are still bids for the Canadian business."